Both companies specialize in identifying, financing and developing solar power installations via Power Purchase Agreements (PPAs) and Solar Services Contracts. Together, they have developed or financed solar installations worth over $40 million and produced 6MW for institutional customers. The companies have a strong pipeline of 2009 projects in Arizona and other U.S. and Canadian locations.

“The SolEquity team are leaders in the Arizona solar market, and we are thrilled to be joining forces with them,” said CarbonFree CEO David Oxtoby in a statement. “The merger also helps us achieve a number of operational and financing synergies.”

SolEquity CEO Lee Feliciano says the newly merged company will have the resources to expand its Arizona operations, taking advantage of that state’s “huge potential” for solar power.

The merged company will operate under the name CarbonFree Technology, with its U.S. headquarters in Scottsdale, plus offices in the Baltimore area and Toronto, Canada.

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